Dreadnought Resources (ASX:DRE) has generated 7 new anomalies within the Mangaroon Project in Western Australia after conducting a first-ever review involving modern exploration techniques.
The $193.99 million market capitalisation company says the reviews included collating unpublished records, rock chipping and mapping of historical workings, a first ever detailed airborne magnetics survey, and an ultrafine fraction (UFF) soil survey.
Infill and extensional ultrafine fraction (UFF) soils are still ongoing, with the aim to define existing anomalies, alongside generating new anomalies.
The new targets, namely the Tiger, Rory, Gilmore, Hudson, Elzie, and Sailor Man targets are all under shallow cover, and are in areas with no known historical prospecting.
Dreadnought reports the Tiger target has a ‘stronger’ gold and pathfinder anomaly, with 317 parts per billion (ppb) gold, than the Star of Mangaroon which is the main historical mine in the region.
In addition, the company reports the review results confirmed the extension of anomalism at the Popeye target more than 500m under shallow cover. Popeye contains a small shaft and rock chips to 121.2g/t Au, 179g/t silver (Ag), and 30.1g/t Au, 552g/t Ag.
Reverse circulation (RC) drilling is set to begin over the main historical mines including the Star of Mangaroon, Diamond Gold Mine, and Lead Gold Mine in October this year.
The Mangaroon Project covers 5,000km-square in the Gascoyne region of Western Australia.
Commenting on the recent activities, Dreadnought Resources Managing Director Dean Tuck says: “On the back of our first-ever consolidation of Mangaroon an extensive review has been successfully undertaken.
Detailed magnetics and surface geochemical surveys have further enhanced our understanding of the controls on mineralisation and generated a number of highly prospective anomalies in structurally favourable positions.
Importantly, this is just the tip of the iceberg with no modern exploration and drilling over only 200m of the more than 10km of strike, the regional opportunity is substantial and will make for an exciting drill program in October 2023.”
The company adds there is ‘significant’ opportunity for further discovery by expanding upon the known mineralisation, most of which will be drilled for the first time, and deploying modern techniques to explore undercover to unlock the controlling mechanisms on mineralisation in the region.
Dreadnought is an ASX-listed explorer with 4 Western Australia projects, namely the Kimberley, Mangaroon, Central Yilgarn, and Bresnahan projects.
As of 30 June 2023, the company had $11.676 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Dreadnought Resources
